White River Bancshares Co. Earns a Record $1.85 million, or $1.61 Per Diluted Share, in 2Q24; Highlighted by Successful Capital Raise and Net Interest Margin Expansion
White River Bancshares Company (OTCQX: WRIV), the holding company for Signature Bank of Arkansas, reported a record net income of $1.85 million or $1.61 per diluted share in Q2 2024, marking a 137.5% increase from Q2 2023. This growth was driven by strong net interest income and margin expansion, alongside a successful $12.46 million capital raise.
Net interest income rose 22.2% to $9.0 million, while net interest margin increased to 3.25%. The company also noted significant loan and deposit growth, with loans up 13.8% and deposits up 14.2% year-over-year. Despite increased provisions for credit losses, nonperforming loans decreased, indicating improved credit quality.
Additionally, noninterest income surged 34.5%, primarily due to an acquisition in wealth management. Operating expenses increased slightly, but the company expects stabilization. Asset growth was notable, with total assets reaching $1.211 billion. The firm's capital ratios remained strong, exceeding regulatory requirements.
- Net income increased 137.5% to $1.85 million in Q2 2024.
- Net interest income rose 22.2% to $9.0 million.
- Net interest margin increased to 3.25%.
- Loan growth of 13.8%, with net loans at $982.3 million.
- Deposit growth of 14.2%, totaling $1.014 billion.
- Successful $12.46 million capital raise.
- Noninterest income increased 34.5%.
- Nonperforming loans decreased to $32,000.
- Provision for credit losses increased to $432,000 in Q2 2024.
- Net loan charge-offs were $111,000 in Q2 2024.
FAYETTEVILLE, Ark., July 12, 2024 (GLOBE NEWSWIRE) -- White River Bancshares Company (OTCQX: WRIV), (the “Company”) the holding company for Signature Bank of Arkansas (the “Bank”), today reported net income increased
“We reported record operating results for the second quarter of 2024, fueled by strong net interest income generation, net interest margin expansion and the successful capital raise that we completed during the quarter,” said Gary Head, Chairman and Chief Executive Officer. “Overall, we operate in one of the most attractive markets in America, and we’re poised for success over the next several years, with the right leadership team, infrastructure and technology in place to optimize our operations.”
“A highlight of the second quarter was the completion of our
“We are pleased to report another quarter of double digit loan and deposit growth year-over-year, as we continue to build our deposit base to fund new loan activity,” said Scott Sandlin, Chief Strategy Officer. “While rising rates changed the deposit mix as customers pursued higher yielding accounts, demand and non-interest bearing accounts remained strong. They accounted for
Second Quarter 2024 Financial Highlights:
- Net income for the second quarter of 2024 increased
137.5% to$1.85 million , or$1.61 per diluted share, compared to$779,000 , or$0.78 per diluted share, in the second quarter of 2023. - Net interest income increased
22.2% to$9.0 million in the second quarter of 2024, compared to$7.4 million in the second quarter of 2023. - Net interest margin (“NIM”) increased 28 basis points to
3.25% in the second quarter of 2024, compared to2.97% in the second quarter of 2023. - The Company recorded a
$432,000 provision for credit losses in the second quarter of 2024, compared to a$225,000 provision in the second quarter of 2023. - Net loans increased
$118.8 million , or13.8% , to$982.3 million at June 30, 2024, compared to$863.5 million at June 30, 2023. - Nonperforming loans totaled
$32,000 , or0.00% of total loans at June 30, 2024, compared to$93,000 , or0.01% of total loans, at June 30, 2023. - Total deposits increased
$125.7 million , or14.2% , to$1.01 4 billion at June 30, 2024, compared to$888.2 million a year ago. - Core deposits (demand and non-interest-bearing, and savings and interest-bearing transaction accounts, and CDs under
$250,000) represent72.1% of total deposits at June 30, 2024. - The Bank’s uninsured/unpledged deposits totaled approximately
31.2% of total deposits at June 30, 2024. - Available borrowing capacity totaled
$335.1 million at June 30, 2024, compared to$353.8 million at March 31, 2024. - Total risk-based capital ratio estimate of
13.10% , Tier 1 ratio of11.85% , and Leverage ratio of10.07% for the Bank at June 30, 2024. - Tangible book value per common share was
$74.01 at June 30, 2024, compared to$74.36 a year ago.
Income Statement
“Our NIM expanded 28 basis points during the second quarter of 2024, as higher asset yields more than offset the slight increase in funding costs,” said Brant Ward, President. “We anticipate our NIM will continue to expand for the remainder of 2024 if interest rates remain steady or start to decline.” The Company’s NIM was
Net interest income increased
Noninterest income increased
Noninterest expense was
Balance Sheet
Total assets increased
Loans, net of allowance for credit losses, increased
Total deposits increased
FHLB advances increased to
Credit Quality
The Company recorded a
Nonperforming loans decreased during the quarter to
The allowance for credit losses was
Net loan charge-offs were
Capital
The Bank’s capital ratios continued to exceed regulatory “well-capitalized” requirements, with a Total risk-based capital ratio estimate of
Recent Developments
During the second quarter of 2024, the Company opened its second Banco Sí, location in downtown Springdale, with plans to celebrate a public launch and grand opening in the third quarter of 2024.
About White River Bancshares Company
White River Bancshares Company is the single bank holding company for Signature Bank of Arkansas, headquartered in Fayetteville, Arkansas. The Bank has locations in Fayetteville, Springdale, Bentonville, Rogers, Brinkley, Harrison and Jonesboro, Arkansas. Founded in 2005, Signature Bank of Arkansas provides a full line of financial services to small businesses, families and farms. White River Bancshares Company (OTCQX: WRIV), trades on the OTCQX® Best Market.
About the Region
White River Bancshares Company is headquartered in thriving Northwest Arkansas in the Fayetteville-Springdale-Rogers MSA. The region is home to the corporate headquarters for Walmart Stores Inc, Sam’s Club, Tyson Foods, Simmons Foods, and J.B. Hunt Transport. Hundreds of other market-leading companies including Procter & Gamble, Johnson & Johnson, Coca-Cola and Rubbermaid maintain offices in the region in order to maintain their relationships with the locally-based Fortune 500 companies. Northwest Arkansas is also home to the state’s flagship public educational institution, The University of Arkansas and its Sam M. Walton College of Business. The region has seen significant growth in its medical and arts infrastructures with the continued expansion of Washington Regional Medical System, Northwest Medical System, Mercy Health System of Northwest Arkansas and Arkansas Children’s Hospital Northwest. Crystal Bridges Museum of American Art and the Walton Arts Center have led the expansion of the arts. Northwest Arkansas has been repeatedly recognized in recent years as one of the best places to live in the country and remains one of the nation’s fastest-growing regions.
The Company has expanded eastward, with new markets in Jonesboro and Harrison. Jonesboro, located in Craighead County, is a city located on Crowley's Ridge in the northeastern corner of Arkansas. It is the home of Arkansas State University and the cultural and economic center of Northeast Arkansas. Jonesboro also houses the region’s hospital network. U.S. Steel Corp. announced that it would locate a new
The Company currently operates out of ten locations; three in Washington County; three in Benton County; two in Monroe County; one in Boone County; and one in Craighead County.
The housing market in Washington and Benton counties remains robust. According to the Northwest Arkansas Board of Realtors, the average home in Washington County sold for
Washington County’s population is projected to grow
Sources:
http://www.nwarealtors.org/market-statistics/
https://www.capitaliq.spglobal.com/
Forward Looking Statements
This press release contains statements about future events. These forward-looking statements, which are based on certain assumptions of management of the Company and the Bank and describe our future plans, strategies and expectations, can generally be identified by use of forward-looking terminology such as “may,” “will,” “believe,” “plan,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions or the negative of those terms. Our ability to predict results of future events and the actual effect of future plans or strategies are inherently uncertain and actual results may differ materially from those predicted in such forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects or that could affect the outcome of such forward-looking statements include, but are not limited to, changes in interest rates; the economic health of the local real estate market; general economic conditions; credit deterioration in our loan portfolio that would cause us to increase our allowance for loan losses; legislative or regulatory changes; technological developments; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of our loan and securities portfolios; demand for loan products in our market areas; deposit flows and costs of capital; competition; retention and recruitment of qualified personnel; demand for financial services in our market areas; and changes in accounting principles, policies, and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
| WHITE RIVER BANCSHARES COMPANY | ||||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||||
| (Unaudited) | ||||||||||||
| June 30, 2024 | March 31, 2024 | June 30, 2023 | ||||||||||
| ASSETS | ||||||||||||
| Cash and cash equivalents | $ | 49,495,763 | $ | 33,147,221 | $ | 32,325,899 | ||||||
| Investment securities | 115,526,915 | 113,033,028 | 98,506,257 | |||||||||
| Loans held for sale | 997,907 | 696,271 | 1,590,000 | |||||||||
| Loans | 994,754,063 | 981,829,042 | 874,118,760 | |||||||||
| Allowance for credit losses | (12,434,130 | ) | (12,113,099 | ) | (10,608,962 | ) | ||||||
| Net loans | 982,319,933 | 969,715,943 | 863,509,798 | |||||||||
| Premises and equipment, net | 30,442,837 | 29,442,303 | 29,790,308 | |||||||||
| Foreclosed assets held for sale | 777,606 | 640,574 | - | |||||||||
| Accrued interest receivable | 5,433,391 | 4,966,665 | 3,099,653 | |||||||||
| Bank owned life insurance | 9,614,851 | 9,534,373 | 9,292,654 | |||||||||
| Deferred income taxes | 4,788,942 | 4,888,369 | 4,987,791 | |||||||||
| Other investments | 8,094,125 | 7,548,338 | 7,066,522 | |||||||||
| Intangible assets, net | 1,909,313 | 1,962,350 | 2,121,458 | |||||||||
| Other assets | 1,733,790 | 1,323,255 | 2,000,439 | |||||||||
| TOTAL ASSETS | $ | 1,211,135,373 | $ | 1,176,898,690 | $ | 1,054,290,779 | ||||||
| LIABILITIES & STOCKHOLDERS' EQUITY | ||||||||||||
| Deposits: | ||||||||||||
| Demand and non-interest-bearing | $ | 233,230,007 | $ | 233,082,292 | $ | 243,548,686 | ||||||
| Savings and interest-bearing transaction accounts | 348,391,562 | 339,042,365 | 314,057,615 | |||||||||
| Time deposits | 432,248,979 | 438,110,170 | 330,591,356 | |||||||||
| Total deposits | 1,013,870,548 | 1,010,234,827 | 888,197,657 | |||||||||
| Federal Home Loan Bank advances | 54,314,495 | 36,887,028 | 38,017,682 | |||||||||
| Notes payable | 26,090,002 | 26,337,909 | 26,286,079 | |||||||||
| Operating lease liability | 15,930,503 | 16,128,536 | 16,707,291 | |||||||||
| Reserve for losses on unfunded commitments | 1,433,000 | 1,433,000 | 1,558,000 | |||||||||
| Accrued interest payable | 2,714,687 | 2,635,771 | 1,936,295 | |||||||||
| Other liabilities | 4,745,292 | 3,868,383 | 5,384,308 | |||||||||
| TOTAL LIABILITIES | 1,119,098,527 | 1,097,525,454 | 978,087,312 | |||||||||
| Stockholders' equity: | ||||||||||||
| Common stock | 12,349 | 10,081 | 10,084 | |||||||||
| Surplus | 102,470,054 | 90,548,540 | 90,118,719 | |||||||||
| Accumulated deficit | (2,484,500 | ) | (3,115,687 | ) | (5,051,992 | ) | ||||||
| Treasury stock, at cost | (1,132,905 | ) | (1,119,100 | ) | (820,717 | ) | ||||||
| Accumulated other comprehensive loss | (6,828,152 | ) | (6,950,598 | ) | (8,052,627 | ) | ||||||
| TOTAL STOCKHOLDERS' EQUITY | 92,036,846 | 79,373,236 | 76,203,467 | |||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,211,135,373 | $ | 1,176,898,690 | $ | 1,054,290,779 | ||||||
| WHITE RIVER BANCSHARES COMPANY | ||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||
| (Unaudited) | ||||||||||||
| For the Three Months Ended | ||||||||||||
| June 30, | March 31, | June 30, | ||||||||||
| 2024 | 2024 | 2023 | ||||||||||
| INTEREST INCOME | ||||||||||||
| Loans, including fees | $ | 15,763,452 | $ | 14,994,922 | $ | 11,302,782 | ||||||
| Investment securities | 1,083,415 | 929,040 | 780,362 | |||||||||
| Federal funds sold and other | 162,250 | 96,154 | 431,607 | |||||||||
| Total interest income | 17,009,117 | 16,020,116 | 12,514,751 | |||||||||
| INTEREST EXPENSE | ||||||||||||
| Deposits | 7,106,512 | 6,984,793 | 4,265,275 | |||||||||
| Federal Home Loan Bank advances | 448,263 | 520,319 | 459,605 | |||||||||
| Notes payable | 398,017 | 398,017 | 394,464 | |||||||||
| Federal funds purchased and other | 21,787 | 78,260 | - | |||||||||
| Total interest expense | 7,974,579 | 7,981,389 | 5,119,344 | |||||||||
| NET INTEREST INCOME | 9,034,538 | 8,038,727 | 7,395,407 | |||||||||
| Provision for credit losses | 432,000 | 648,000 | 225,000 | |||||||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 8,602,538 | 7,390,727 | 7,170,407 | |||||||||
| NON-INTEREST INCOME | ||||||||||||
| Service charges and fees on deposits | 154,816 | 150,349 | 146,434 | |||||||||
| Wealth management fee income | 1,065,553 | 845,506 | 638,436 | |||||||||
| Secondary market fee income | 113,926 | 57,064 | 140,961 | |||||||||
| Bank owned-life insurance income | 80,478 | 79,881 | 79,956 | |||||||||
| Loss on sales and write-downs of foreclosed assets | 326 | 1,050 | - | |||||||||
| Other | 527,064 | 449,255 | 438,134 | |||||||||
| TOTAL NON-INTEREST INCOME | 1,942,163 | 1,583,105 | 1,443,921 | |||||||||
| NON-INTEREST EXPENSE | ||||||||||||
| Salaries and benefits | 4,784,556 | 4,999,533 | 4,494,027 | |||||||||
| Occupancy and equipment | 936,818 | 928,124 | 950,581 | |||||||||
| Data processing | 704,080 | 790,569 | 745,330 | |||||||||
| Marketing and business development | 473,618 | 463,697 | 523,460 | |||||||||
| Professional services | 617,890 | 669,867 | 479,291 | |||||||||
| Amortization of other intangible assets | 53,037 | 53,036 | ||||||||||
| Other | 494,203 | 403,836 | 401,090 | |||||||||
| TOTAL NON-INTEREST EXPENSE | 8,064,202 | 8,308,662 | 7,593,779 | |||||||||
| Income before income taxes | 2,480,499 | 665,170 | 1,020,549 | |||||||||
| Income tax provision | 631,462 | 155,942 | 242,019 | |||||||||
| NET INCOME | $ | 1,849,037 | $ | 509,228 | $ | 778,530 | ||||||
| EARNINGS PER SHARE | ||||||||||||
| Basic | $ | 1.61 | $ | 0.51 | $ | 0.78 | ||||||
| Diluted | $ | 1.61 | $ | 0.51 | $ | 0.78 | ||||||
| WHITE RIVER BANCSHARES COMPANY | |||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||
| (Unaudited) | |||||||||
| Six Months Ended | |||||||||
| June 30, | |||||||||
| 2024 | 2023 | ||||||||
| INTEREST INCOME | |||||||||
| Loans, including fees | $ | 30,758,374 | $ | 21,975,360 | |||||
| Investment securities | 2,012,455 | 1,408,899 | |||||||
| Federal funds sold and other | 258,404 | 708,346 | |||||||
| Total Interest Income | 33,029,233 | 24,092,605 | |||||||
| INTEREST EXPENSE | |||||||||
| Deposits | 14,091,305 | 7,231,527 | |||||||
| Federal Home Loan Bank advances | 968,582 | 1,157,182 | |||||||
| Notes payable | 796,034 | 790,724 | |||||||
| Federal funds purchased and other | 100,047 | 33,425 | |||||||
| Total interest expense | 15,955,968 | 9,212,858 | |||||||
| NET INTEREST INCOME | 17,073,265 | 14,879,747 | |||||||
| Provision for credit losses | 1,080,000 | 375,000 | |||||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 15,993,265 | 14,504,747 | |||||||
| NON-INTEREST INCOME | |||||||||
| Service charges and fees on deposits | 305,165 | 297,477 | |||||||
| Wealth management fee income | 1,911,059 | 1,155,950 | |||||||
| Secondary market fee income | 170,990 | 207,734 | |||||||
| Bank owned life insurance income | 160,359 | 158,330 | |||||||
| Loss on sales and write-downs of foreclosed assets | 1,376 | - | |||||||
| Other | 976,319 | 853,500 | |||||||
| TOTAL NON-INTEREST INCOME | 3,525,268 | 2,672,991 | |||||||
| NON-INTEREST EXPENSE | |||||||||
| Salaries and benefits | 9,784,089 | 9,752,523 | |||||||
| Occupancy and equipment | 1,864,942 | 1,842,561 | |||||||
| Data processing | 1,494,649 | 1,403,441 | |||||||
| Marketing and business development | 937,315 | 997,169 | |||||||
| Professional services | 1,287,757 | 985,190 | |||||||
| Amortization of intangible asset | 106,073 | - | |||||||
| Other | 898,039 | 783,106 | |||||||
| TOTAL NON-INTEREST EXPENSE | 16,372,864 | 15,763,990 | |||||||
| Income before income taxes | 3,145,669 | 1,413,748 | |||||||
| Income tax provision | 787,404 | 295,706 | |||||||
| NET INCOME | $ | 2,358,265 | $ | 1,118,042 | |||||
| EARNINGS PER SHARE | |||||||||
| Basic | $ | 2.21 | $ | 1.12 | |||||
| Diluted | $ | 2.21 | $ | 1.12 | |||||
| WHITE RIVER BANCSHARES COMPANY | ||||||||||||||||
| SUPPLEMENTAL INFORMATION | ||||||||||||||||
| (Unaudited) | (Audited) | |||||||||||||||
| Three Months Ended | Year ended | |||||||||||||||
| June 30, | March 31, | June 30, | December 31, | |||||||||||||
| 2024 | 2024 | 2023 | 2023 | |||||||||||||
| FOR THE PERIOD | ||||||||||||||||
| Net income | $ | 1,849,037 | $ | 509,228 | $ | 778,530 | $ | 2,545,119 | ||||||||
| Net income before taxes | 2,480,499 | 665,170 | 1,020,549 | 3,145,566 | ||||||||||||
| Dividends declared per share | 1.00 | - | 1.00 | 1.00 | ||||||||||||
| PERIOD END BALANCE | ||||||||||||||||
| Total assets | $ | 1,211,135,373 | $ | 1,176,898,690 | $ | 1,054,290,779 | $ | 1,133,055,741 | ||||||||
| Total investments | 115,526,915 | 113,033,028 | 98,506,257 | 114,550,592 | ||||||||||||
| Total loans, net | 982,319,933 | 969,715,943 | 863,509,798 | 941,224,131 | ||||||||||||
| Allowance for credit losses | (12,434,131 | ) | (12,113,099 | ) | (10,608,962 | ) | (11,443,904 | ) | ||||||||
| Total deposits | 1,013,870,548 | 1,010,234,827 | 888,197,657 | 959,193,285 | ||||||||||||
| Stockholders' equity | 92,036,846 | 79,373,236 | 76,203,467 | 79,548,823 | ||||||||||||
| RATIO ANALYSIS | ||||||||||||||||
| Return on average assets (annualized) | 0.63 | % | 0.18 | % | 0.30 | % | 0.24 | % | ||||||||
| Return on average equity (annualized) | 8.26 | % | 2.52 | % | 3.94 | % | 3.24 | % | ||||||||
| Net loans/Deposits | 96.89 | % | 95.99 | % | 97.22 | % | 98.13 | % | ||||||||
| Total Stockholders' Equity/Total assets | 7.60 | % | 6.74 | % | 7.23 | % | 7.02 | % | ||||||||
| Net loan losses/Total loans | 0.01 | % | -0.00 | % | -0.00 | % | 0.01 | % | ||||||||
| Uninsured & unpledged deposits | 31.21 | % | 30.22 | % | 30.35 | % | 31.47 | % | ||||||||
| PER SHARE DATA | ||||||||||||||||
| Shares outstanding | 1,217,850 | 991,315 | 996,196 | 999,815 | ||||||||||||
| Weighted average shares outstanding | 1,145,658 | 991,689 | 997,567 | 995,651 | ||||||||||||
| Diluted weighted average shares outstanding | 1,145,658 | 991,689 | 997,585 | 995,703 | ||||||||||||
| Basic earnings | $ | 1.61 | $ | 0.51 | $ | 0.78 | $ | 2.56 | ||||||||
| Diluted earnings | 1.61 | 0.51 | 0.78 | 2.56 | ||||||||||||
| Book value | 75.57 | 80.07 | 76.49 | 80.21 | ||||||||||||
| Tangible book value | 74.01 | 78.09 | 74.36 | 78.17 | ||||||||||||
| ASSET QUALITY | ||||||||||||||||
| Net (recoveries) charge-offs | $ | 110,968 | $ | (21,195 | ) | $ | (12,410 | ) | $ | 111,721 | ||||||
| Classified assets | 1,090,758 | 2,657,273 | 1,687,091 | 1,623,558 | ||||||||||||
| Nonperforming loans | 32,054 | 1,718,805 | 92,618 | 1,153,852 | ||||||||||||
| Nonperforming assets | 809,660 | 2,359,378 | 92,618 | 1,355,702 | ||||||||||||
| Total nonperforming loans/Total loans | 0.00 | % | 0.18 | % | 0.01 | % | 0.12 | % | ||||||||
| Total nonperforming loans/Total assets | 0.00 | % | 0.15 | % | 0.01 | % | 0.10 | % | ||||||||
| Total nonperforming assets/Total assets | 0.07 | % | 0.20 | % | 0.01 | % | 0.12 | % | ||||||||
| Allowance for credit losses/Total loans | 1.25 | % | 1.23 | % | 1.21 | % | 1.20 | % | ||||||||
| WHITE RIVER BANCSHARES COMPANY | ||||||||||||||||||
| INTEREST INCOME AND EXPENSE | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Three Months Ended | ||||||||||||||||||
| June 30, | March 31, | June 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | ||||||||||||||||
| Average | Average | Average | Average | Average | Average | |||||||||||||
| Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | ||||||||||
| Interest-earning assets: | ||||||||||||||||||
| Federal funds sold and other | ||||||||||||||||||
| Investment securities available-for-sale (1) | 114,427,481 | 941,900 | 114,440,538 | 900,886 | 98,944,070 | 650,490 | ||||||||||||
| Loans receivable | 973,396,880 | 15,763,452 | 960,808,253 | 14,994,922 | 850,747,374 | 11,302,782 | ||||||||||||
| Total interest-earning assets | 1,099,622,809 | 1,083,592,465 | 983,359,466 | |||||||||||||||
| Noninterest-earning assets | 74,503,352 | 70,720,928 | 67,618,865 | |||||||||||||||
| Total assets | ||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||
| Interest-bearing deposits | ||||||||||||||||||
| FHLB advances and federal funds purchased | 40,440,625 | 470,050 | 50,749,219 | 598,579 | 40,650,920 | 459,605 | ||||||||||||
| Notes payable | 25,506,601 | 398,017 | 25,489,325 | 398,017 | 25,459,394 | 394,464 | ||||||||||||
| Total interest-bearing liabilities | 836,250,868 | 839,138,143 | 714,177,461 | |||||||||||||||
| Noninterest-bearing liabilities | 247,820,333 | 233,847,965 | 257,452,327 | |||||||||||||||
| Total liabilities | 1,084,071,201 | 1,072,986,108 | 971,629,788 | |||||||||||||||
| Stockholders' equity | 90,054,960 | 81,327,285 | 79,348,543 | |||||||||||||||
| Total liabilities and stockholders' equity | ||||||||||||||||||
| Net interest-earning assets | ||||||||||||||||||
| Net interest spread | ||||||||||||||||||
| Net interest margin | ||||||||||||||||||
| (1)Excludes investments in bank stock (Federal Reserve Bank, Federal Home Loan Bank, and First National Bankers Bankshares.) | ||||||||||||||||||
| WHITE RIVER BANCSHARES COMPANY | ||||||||||||
| INTEREST INCOME AND EXPENSE | ||||||||||||
| (Unaudited) | ||||||||||||
| Six Months Ended June 30, | ||||||||||||
| 2024 | 2023 | |||||||||||
| Average | Average | Average | Average | |||||||||
| Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||
| Interest-earning assets: | ||||||||||||
| Federal funds sold and other | ||||||||||||
| Investment securities available-for-sale (1) | 114,434,010 | 1,842,786 | 96,991,956 | 1,248,626 | ||||||||
| Loans receivable | 967,102,566 | 30,758,374 | 842,952,320 | 21,975,360 | ||||||||
| Total interest-earning assets | 1,091,607,638 | 969,460,505 | ||||||||||
| Noninterest-earning assets | 72,612,145 | 65,221,029 | ||||||||||
| Total assets | ||||||||||||
| Interest-bearing liabilities: | ||||||||||||
| Interest-bearing deposits | ||||||||||||
| FHLB advances and federal funds purchased | 45,594,923 | 968,582 | 52,059,517 | 1,190,607 | ||||||||
| Notes payable | 25,500,463 | 796,034 | 25,436,859 | 790,724 | ||||||||
| Total interest-bearing liabilities | 837,697,007 | 699,027,614 | ||||||||||
| Noninterest-bearing liabilities | 240,831,655 | 256,505,906 | ||||||||||
| Total liabilities | 1,078,528,662 | 955,533,520 | ||||||||||
| Stockholders' equity | 85,691,121 | 79,148,014 | ||||||||||
| Total liabilities and stockholders' equity | ||||||||||||
| Net interest-earning assets | ||||||||||||
| Net interest spread | ||||||||||||
| Net interest margin | ||||||||||||
| (1)Excludes investments in bank stock (Federal Reserve Bank, Federal Home Loan Bank, and First National Bankers Bankshares.) | ||||||||||||
| Contact: | Scott Sandlin, Chief Strategy Officer |
| 479-684-3754 |
FAQ
What was WRIV's net income in Q2 2024?
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